{"id":48829,"date":"2026-09-10T14:46:59","date_gmt":"2026-09-10T14:46:59","guid":{"rendered":"https:\/\/conseil-concurrence.ma\/communique-du-conseil-de-la-concurrence-relatif-au-projet-de-concentration-economique-concernant-la-prise-par-des-fonds-conseilles-et-ou-geres-par-la-societe-partners-group-ag-et-ses-fi\/"},"modified":"2026-09-10T14:50:02","modified_gmt":"2026-09-10T14:50:02","slug":"press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a","status":"publish","type":"post","link":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/","title":{"rendered":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the ad hoc company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d."},"content":{"rendered":"<p>In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the \u201csummary of the operation\u201d below, containing the information provided by the parties.<\/p>\n<p>This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council&#8217;s position on the proposed operation.<\/p>\n<p>The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.<\/p>\n<p><strong>Names of the companies and groups concerned:<\/strong><\/p>\n<ul>\n<li>The acquirer: funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its affiliates (PG);<\/li>\n<li>The direct acquirer: the company \u201cElixis BidCo\u201d;<\/li>\n<li>The historical partner: the company \u201cEurazeo S.E.\u201d;<\/li>\n<li>The target: the company \u201cAroma Zone Topco SAS\u201d and the company \u201cLegendre Holding 91 SAS\u201d.<\/li>\n<\/ul>\n<p><strong>Nature of the operation:<\/strong><\/p>\n<ul>\n<li>Joint control acquisition.<\/li>\n<\/ul>\n<p><strong>Economic sector concerned:<\/strong><\/p>\n<ul>\n<li>Markets for the distribution of beauty products, personal care, cosmetics, and dietary supplements.<\/li>\n<\/ul>\n<p><strong>Deadline for interested third parties to submit their observations:<\/strong><\/p>\n<ul>\n<li>10 days from the date of publication of this press release, i.e. September 21, 2026.<\/li>\n<\/ul>\n<p><strong>NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES<\/strong><\/p>\n<p>The Competition Council received notification of an economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d.<\/p>\n<p>\u201cPartners Group AG\u201d is a Swiss public limited company, registered in the commercial register of the canton of Zug under number CHE-108.431.605, with its registered office at Unternehmer-Park 3, 6340 Baar, Switzerland. It is 100% owned by \u201cPartners Group Holding AG\u201d. It operates globally in the field of investment management, particularly in private equity, private infrastructure, private debt, royalties, and real estate.<\/p>\n<p>\u201cElixis BidCo\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 100 878 529, with its registered office at 3, boulevard de S\u00e9bastopol, 75001, Paris. It is controlled by the company \u201cPartners Group AG\u201d and its affiliates and is active in private market investments.<\/p>\n<p>\u201cEurazeo S.E.\u201d is a European public company under French law, registered in the commercial register of Paris under number 692 030 992, with its registered office at 66, rue Pierre Charron, 75008 Paris, France. It is the parent company of the \u201cEurazeo\u201d group, an investment group primarily active in asset management in private markets, particularly in private equity, private debt, real estate, and infrastructure.<\/p>\n<p>The company \u201cAroma Zone Topco SAS\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 898 345 723, with its registered office at 26, rue de l\u2019\u00c9cole de M\u00e9decine, 75006 Paris, France. It is the holding company of the \u201cAroma-Zone\u201d group.<\/p>\n<p>The company \u201cLegendre Holding 91 SAS\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 898 293 035, with its registered office at 66, rue Pierre Charron, 75008 Paris, France. It is part of the \u201cAroma-Zone\u201d group, active in the beauty and wellness sector, particularly in facial and body care, hair care, essential and vegetable oils, natural extracts, cosmetic products, and dietary supplements.<\/p>\n<p style=\"text-align: right;\">Done in Rabat, September 10, 2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the \u201csummary of the operation\u201d below, containing the information provided by the parties. This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council&#8217;s position on the proposed operation. The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented. Names of the companies and groups concerned: The acquirer: funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its affiliates (PG); The direct acquirer: the company \u201cElixis BidCo\u201d; The historical partner: the company \u201cEurazeo S.E.\u201d; The target: the company \u201cAroma Zone Topco SAS\u201d and the company \u201cLegendre Holding 91 SAS\u201d. Nature of the operation: Joint control acquisition. Economic sector concerned: Markets for the distribution of beauty products, personal care, cosmetics, and dietary supplements. Deadline for interested third parties to submit their observations: 10 days from the date of publication of this press release, i.e. September 21, 2026. NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES The Competition Council received notification of an economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d. \u201cPartners Group AG\u201d is a Swiss public limited company, registered in the commercial register of the canton of Zug under number CHE-108.431.605, with its registered office at Unternehmer-Park 3, 6340 Baar, Switzerland. It is 100% owned by \u201cPartners Group Holding AG\u201d. It operates globally in the field of investment management, particularly in private equity, private infrastructure, private debt, royalties, and real estate. \u201cElixis BidCo\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 100 878 529, with its registered office at 3, boulevard de S\u00e9bastopol, 75001, Paris. It is controlled by the company \u201cPartners Group AG\u201d and its affiliates and is active in private market investments. \u201cEurazeo S.E.\u201d is a European public company under French law, registered in the commercial register of Paris under number 692 030 992, with its registered office at 66, rue Pierre Charron, 75008 Paris, France. It is the parent company of the \u201cEurazeo\u201d group, an investment group primarily active in asset management in private markets, particularly in private equity, private debt, real estate, and infrastructure. The company \u201cAroma Zone Topco SAS\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 898 345 723, with its registered office at 26, rue de l\u2019\u00c9cole de M\u00e9decine, 75006 Paris, France. It is the holding company of the \u201cAroma-Zone\u201d group. The company \u201cLegendre Holding 91 SAS\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 898 293 035, with its registered office at 66, rue Pierre Charron, 75008 Paris, France. It is part of the \u201cAroma-Zone\u201d group, active in the beauty and wellness sector, particularly in facial and body care, hair care, essential and vegetable oils, natural extracts, cosmetic products, and dietary supplements. Done in Rabat, September 10, 2026<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[352],"tags":[],"class_list":["post-48829","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Press release from the Competition Council regarding the economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the ad hoc company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d. - Conseil de la concurrence du Maroc<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the ad hoc company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d. - Conseil de la concurrence du Maroc\" \/>\n<meta property=\"og:description\" content=\"In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the \u201csummary of the operation\u201d below, containing the information provided by the parties. This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council&#8217;s position on the proposed operation. The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented. Names of the companies and groups concerned: The acquirer: funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its affiliates (PG); The direct acquirer: the company \u201cElixis BidCo\u201d; The historical partner: the company \u201cEurazeo S.E.\u201d; The target: the company \u201cAroma Zone Topco SAS\u201d and the company \u201cLegendre Holding 91 SAS\u201d. Nature of the operation: Joint control acquisition. Economic sector concerned: Markets for the distribution of beauty products, personal care, cosmetics, and dietary supplements. Deadline for interested third parties to submit their observations: 10 days from the date of publication of this press release, i.e. September 21, 2026. NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES The Competition Council received notification of an economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d. \u201cPartners Group AG\u201d is a Swiss public limited company, registered in the commercial register of the canton of Zug under number CHE-108.431.605, with its registered office at Unternehmer-Park 3, 6340 Baar, Switzerland. It is 100% owned by \u201cPartners Group Holding AG\u201d. It operates globally in the field of investment management, particularly in private equity, private infrastructure, private debt, royalties, and real estate. \u201cElixis BidCo\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 100 878 529, with its registered office at 3, boulevard de S\u00e9bastopol, 75001, Paris. It is controlled by the company \u201cPartners Group AG\u201d and its affiliates and is active in private market investments. \u201cEurazeo S.E.\u201d is a European public company under French law, registered in the commercial register of Paris under number 692 030 992, with its registered office at 66, rue Pierre Charron, 75008 Paris, France. It is the parent company of the \u201cEurazeo\u201d group, an investment group primarily active in asset management in private markets, particularly in private equity, private debt, real estate, and infrastructure. The company \u201cAroma Zone Topco SAS\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 898 345 723, with its registered office at 26, rue de l\u2019\u00c9cole de M\u00e9decine, 75006 Paris, France. It is the holding company of the \u201cAroma-Zone\u201d group. The company \u201cLegendre Holding 91 SAS\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 898 293 035, with its registered office at 66, rue Pierre Charron, 75008 Paris, France. It is part of the \u201cAroma-Zone\u201d group, active in the beauty and wellness sector, particularly in facial and body care, hair care, essential and vegetable oils, natural extracts, cosmetic products, and dietary supplements. 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Conseil de la concurrence du Maroc","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/","og_locale":"en_US","og_type":"article","og_title":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the ad hoc company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d. - Conseil de la concurrence du Maroc","og_description":"In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the \u201csummary of the operation\u201d below, containing the information provided by the parties. This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council&#8217;s position on the proposed operation. The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented. Names of the companies and groups concerned: The acquirer: funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its affiliates (PG); The direct acquirer: the company \u201cElixis BidCo\u201d; The historical partner: the company \u201cEurazeo S.E.\u201d; The target: the company \u201cAroma Zone Topco SAS\u201d and the company \u201cLegendre Holding 91 SAS\u201d. Nature of the operation: Joint control acquisition. Economic sector concerned: Markets for the distribution of beauty products, personal care, cosmetics, and dietary supplements. Deadline for interested third parties to submit their observations: 10 days from the date of publication of this press release, i.e. September 21, 2026. NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES The Competition Council received notification of an economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d. \u201cPartners Group AG\u201d is a Swiss public limited company, registered in the commercial register of the canton of Zug under number CHE-108.431.605, with its registered office at Unternehmer-Park 3, 6340 Baar, Switzerland. It is 100% owned by \u201cPartners Group Holding AG\u201d. It operates globally in the field of investment management, particularly in private equity, private infrastructure, private debt, royalties, and real estate. \u201cElixis BidCo\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 100 878 529, with its registered office at 3, boulevard de S\u00e9bastopol, 75001, Paris. It is controlled by the company \u201cPartners Group AG\u201d and its affiliates and is active in private market investments. \u201cEurazeo S.E.\u201d is a European public company under French law, registered in the commercial register of Paris under number 692 030 992, with its registered office at 66, rue Pierre Charron, 75008 Paris, France. It is the parent company of the \u201cEurazeo\u201d group, an investment group primarily active in asset management in private markets, particularly in private equity, private debt, real estate, and infrastructure. The company \u201cAroma Zone Topco SAS\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 898 345 723, with its registered office at 26, rue de l\u2019\u00c9cole de M\u00e9decine, 75006 Paris, France. It is the holding company of the \u201cAroma-Zone\u201d group. The company \u201cLegendre Holding 91 SAS\u201d is a simplified joint-stock company under French law, registered in the commercial register of Paris under number 898 293 035, with its registered office at 66, rue Pierre Charron, 75008 Paris, France. It is part of the \u201cAroma-Zone\u201d group, active in the beauty and wellness sector, particularly in facial and body care, hair care, essential and vegetable oils, natural extracts, cosmetic products, and dietary supplements. Done in Rabat, September 10, 2026","og_url":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/","og_site_name":"Conseil de la concurrence du Maroc","article_published_time":"2026-09-10T14:46:59+00:00","article_modified_time":"2026-09-10T14:50:02+00:00","author":"Youssef OTMANE","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Youssef OTMANE","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/#article","isPartOf":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/"},"author":{"name":"Youssef OTMANE","@id":"https:\/\/conseil-concurrence.ma\/en\/#\/schema\/person\/03683379dc5edfcb3044e506a05bdf1b"},"headline":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the ad hoc company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d.","datePublished":"2026-09-10T14:46:59+00:00","dateModified":"2026-09-10T14:50:02+00:00","mainEntityOfPage":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/"},"wordCount":631,"articleSection":["Press Releases"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/","url":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-funds-advised-and-or-managed-by-the-company-partners-group-ag-a\/","name":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition, by funds advised and\/or managed by the company \u201cPartners Group AG\u201d and its subsidiaries, through the ad hoc company \u201cElixis BidCo\u201d, of joint control of the companies \u201cAroma Zone Topco SAS\u201d and \u201cLegendre Holding 91 SAS\u201d, alongside their historical shareholder, the company \u201cEurazeo S.E.\u201d. - 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